The growth of Artificial Intelligence in Retail Market explained

It is now obvious that, Increasing necessity for superior surveillance and monitoring at a physical store, growing awareness and application of AI in the retail industry, enhanced user-experience, improved productivity, Return on Investment (RoI), mainlining inventory accuracy, and supply chain optimization are some of the key factors fueling the growth of this market.

According to Research and Markets, Emergence of machine learning, deep learning, and Natural Language Processing (NLP) technology are expected to develop the AI-based solution for retail and thus, will create opportunities for the growth of this market.

However, issues with diverse development framework, models, mechanism in AI; concern over privacy and identity of the individual; and lack of skilled staff are few major challenges in the AI in retail market.

The global AI in retail market size is expected to grow from USD 993.6 million in 2017 to USD 5,034.0 million by 2022, at a Compound Annual Growth Rate (CAGR) of 38.3%.